We all have heard the term chatbots. Have you ever wondered what they are and why they are so important for today’s businesses? Almost every industry is using chatbots to enhance their productivity.
According to Statista, around 40% of the customers in the United States of America state that they use chatbots to engage with the retail industry. Sounds amazing, right? They have become an omnichannel response system not just for websites but for social media platforms as well.
Businesses have found numerous purposes for chatbots as the artificial intelligence-powered tools assist them in sales, marketing, finances, and several other services.
Currently, the technology is making waves, but it also has its limitations! But still, the future of this technology is bright because artificial intelligence is ruling our world.
Read on to know more about chatbots.
What Are Chatbots?
Chatbots are powered by artificial intelligence, and they are based on applied mechanisms.
They process users’ questions to deliver answers based on their questions. The artificial-based software simulates the human conversation and interprets it to give relevant answers.
Chatbots have become one of the most famous channels for customer service inquiries. Companies can connect with customers without the need to hire a human representative. This boosts the efficiency of the organization. In recent years, several businesses have found purposes beyond customer service support.
Significance of Chatbots
Chatbots are beneficial as they help streamline the interactions between customers and businesses. The advanced technology can conduct conversations with people in text or voice.
Chatbots is a relatively new technology, but it is helping the business by enhancing customer satisfaction and saving the costs of hiring employees for generic tasks. With the help of chatbots, the solutions are rapidly provided, and information is gathered efficiently.
The famous marketing and sales software platform HubSpot uses chatbots to display friendly messages to the customers when they visit their page. Consecutively, the customers know that their questions will be catered to, and the customers can continue to explore the website.
Simply put, they are meant to complement the business’s live agent team. Some of the major benefits of chatbots are listed below.
- Renew the subscriptions
- Make reservations
- Connect to the agent for a complex query
- Track the status of the order
- Analyze the inventory
They can perform these actions by using technology to first interpret the demands. If you want to incorporate chatbots in your business, you need to first have a high-speed internet connection so the software can work promptly.
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The Limitations of Chatbots
Despite the numerous benefits the technology offers, it has its limitations too!
Due to the restrictive nature of chatbot technology, it is not able to guide the customers with off-topic queries and an agent has to be there to handle the situation. Most chatbots cannot provide the right answer to the customers because they fail to recognize the questions if they are phrased in different ways.
Moreover, they cannot retain the customers as their conversations are robotic, and neither can they make decisions. Most of the time, companies use outdated chatbots to save a few bucks, and their software does not work properly and provides the same answer for multiple queries.
They do not know that the IT research and consultancy company Gartner had already predicted that by 2020 the chatbot software which was developed in 2018, would be abandoned.
A lot of awareness regarding chatbot software is still needed so the companies can reap the software’s benefits in an actual sense.
Future of Chatbots
The future of chatbots is bright! Its future lies in the advancement of AI and machine learning. They are likely to be more capable of handling things than the present generation software.
The world is yet to see what the future brings, but one thing is for sure technology will not be irrelevant as customers and companies both are enjoying it. Artificial intelligence is all set to change every aspect of our lives and eliminate limitations so we can perform our tasks effortlessly.
We hope you understand how beneficial chatbots are for your business! If you want to ensure that your business grows, you should incorporate chatbots. They help in serving several purposes such as ordering your food, booking a taxi, and so on. Their popularity has soared as businesses have found numerous purposes for chatbots.
Undoubtedly, since this technology is new, it has its limitations as well. So, keep an eye on the latest trends to see how people will eliminate the weaknesses of this advanced software!